PRODUCTION CHEMICALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The production chemicals market faces several challenges. Strict environmental regulations have increased operational costs for manufacturers and limited the use of certain hazardous chemicals. Substitute products from local and regional manufacturers also provide tough competition on pricing. Additionally, fluctuating raw material costs adversely impact margins. Identifying greener substitutes and optimizing formulations to reduce consumption are active areas that need attention to overcome these regulatory and cost headwinds.
Market Opportunities: Rising upstream oil and gas exploration and production activity
Upstream oil and gas exploration and production activity is rising globally, offering increased demand of production chemicals. Other core industries like mining, water treatment, and power also rely heavily on production chemicals and are expanding their output. Scale benefits and value-added services like on-site expertise and customized blends allow players to command a pricing premium over commodity chemicals.
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